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SES S.A.
(SESG)
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Rating:44Neutral
Price Target:
€4.50
▼(-7.41% Downside)
Action:Reiterated
Date:08/17/26
The score is held back primarily by weaker financial quality (loss-making results, higher leverage, and sharply lower free cash flow) and bearish technicals (below major moving averages with negative momentum). A high dividend yield provides some valuation support, but the negative P/E underscores ongoing profitability challenges.
Positive Factors
Strong revenue rebound
The strong 2025 revenue rebound indicates renewed demand across SES’s satellite connectivity and content-delivery activities. If sustained, higher revenue can improve utilization of the satellite fleet, support investment in services, and strengthen the company’s competitive position across multiple customer groups.
Negative Factors
Unstable profitability
The return to a net loss after near-breakeven 2024 highlights limited bottom-line resilience. Strong EBITDA does not translate efficiently into earnings because depreciation, amortization, and recurring costs weigh heavily on EBIT, making sustained profitability harder to achieve through the next several quarters.
Read all positive and negative factors
Positive Factors
Negative Factors
Strong revenue rebound
The strong 2025 revenue rebound indicates renewed demand across SES’s satellite connectivity and content-delivery activities. If sustained, higher revenue can improve utilization of the satellite fleet, support investment in services, and strengthen the company’s competitive position across multiple customer groups.
Read all positive factors
SES S.A. (SESG) vs. iShares MSCI France ETF (EWQ)
Market Cap
€1.70B
Dividend Yield10.54%
Average Volume (3M)1.09M
Price to Earnings (P/E)―
Beta (1Y)0.36
Revenue Growth62.47%
EPS Growth-490.53%
CountryFR
Employees3,830
SectorCommunication Services
Sector Strength97
IndustryTelecommunications Services
Share Statistics
EPS (TTM)-0.97
Shares Outstanding371,457,600
10 Day Avg. Volume906,570
30 Day Avg. Volume1,085,832
Financial Highlights & Ratios
PEG Ratio0.03
Price to Book (P/B)0.96
Price to Sales (P/S)0.77
P/FCF Ratio8.82
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
€9.01Price Target Upside85.44% Upside
Rating ConsensusHold
Number of Analyst Covering4
EPS Forecast (FY)-0.34
Revenue Forecast (FY)€3.40B
SES S.A. Business Overview & Revenue Model
Company Description
SES S.A. provides satellite-based data transmission capacity and ancillary services worldwide. The company offers content connectivity solutions, including network spanning satellite and ground infrastructure to create, deliver, and manage video a...
How the Company Makes Money
SES primarily makes money by selling satellite capacity and managed connectivity services under contracted agreements to customers that need wide-area coverage and high-reliability links. Key revenue streams include: (1) Video: distribution of tel...
SES S.A. Financial Statement Overview
Summary
Income Statement
46
Neutral
Balance Sheet
35
Negative
Cash Flow
54
Neutral
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 4.87B | 2.63B | 2.00B | 2.03B | 1.94B | 1.75B |
| Gross Profit | 1.09B | 1.87B | 1.35B | 1.38B | 1.59B | 1.43B |
| EBITDA | 1.93B | 1.03B | 1.00B | 50.00M | 881.00M | 1.19B |
| Net Income | -370.00M | -95.00M | 15.00M | -905.00M | -35.00M | 453.00M |
Balance Sheet | ||||||
| Total Assets | 13.09B | 13.37B | 10.33B | 10.18B | 12.61B | 13.08B |
| Cash, Cash Equivalents and Short-Term Investments | 918.00M | 1.07B | 3.22B | 2.91B | 1.05B | 1.05B |
| Total Debt | 7.10B | 6.94B | 4.57B | 4.20B | 4.39B | 3.61B |
| Total Liabilities | 10.39B | 10.66B | 6.83B | 6.43B | 6.95B | 7.35B |
| Stockholders Equity | 2.56B | 2.10B | 3.42B | 3.08B | 5.60B | 5.67B |
Cash Flow | ||||||
| Free Cash Flow | -25.00M | 229.00M | 703.00M | 3.07B | 122.00M | 1.01B |
| Operating Cash Flow | 266.00M | 751.00M | 1.01B | 3.48B | 1.48B | 1.29B |
| Investing Cash Flow | -1.59B | -1.79B | -159.00M | -370.00M | -1.80B | -283.00M |
| Financing Cash Flow | -2.21B | -1.08B | -375.00M | -1.02B | 305.00M | -1.13B |
SES S.A. Technical Analysis
Negative
4.86
Price Trends
6.02
Negative
6.92
Negative
6.45
Negative
Market Momentum
-0.34
Negative
29.50
Positive
49.46
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For FR:SESG, the sentiment is Negative. The current price of 4.86 is below the 20-day moving average (MA) of 4.93, below the 50-day MA of 6.02, and below the 200-day MA of 6.45, indicating a bearish trend. The MACD of -0.34 indicates Negative momentum. The RSI at 29.50 is Positive, neither overbought nor oversold. The STOCH value of 49.46 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for FR:SESG.
SES S.A. Peers Comparison
UnderperformOutperform
Sector (60)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
65 Neutral | €1.42B | 11.46 | 6.17% | 9.31% | -2.51% | -25.56% | |
64 Neutral | €1.47B | 14.70 | 8.16% | 10.63% | -1.59% | -31.58% | |
60 Neutral | $48.67B | 4.58 | -11.27% | 4.14% | 2.83% | -41.78% | |
59 Neutral | €481.25M | 5.78 | 11.10% | 3.70% | -11.57% | 223.80% | |
49 Neutral | €41.25B | 10.65 | 14.52% | 4.82% | 3.02% | 267.18% | |
47 Neutral | €1.40B | 30.56 | 1.02% | 2.62% | ― | ― | |
44 Neutral | €1.70B | -4.89 | -14.45% | 10.54% | 62.47% | -490.53% |
* Communication Services Sector Average
FR:SESG
SES S.A.
4.74
-0.95
-16.70%
FR:MMT
Metropole Television
11.76
0.05
0.42%
FR:NRG
NRJ Group
6.30
-0.62
-8.99%
FR:ORA
ORANGE SA
15.55
2.28
17.19%
FR:TFI
Television Francaise 1 SA TF1
6.77
-1.21
-15.19%
FR:VIV
Vivendi
1.53
-1.48
-49.24%
SES S.A. Corporate Events
SES Deepens Peruvian Navy Partnership with Multi-Orbit Satellite Deal
Sep 3, 2026
SES has expanded its collaboration with the Peruvian Navy to deliver a sovereign, multi-orbit satellite connectivity solution that combines geostationary and low earth orbit services across the Navy’s coastal bases, aircraft, and vessels. Th...
Davide Leone and Partners Takes 5.01% Voting Stake in SES
Sep 1, 2026
SES S.A. has disclosed that London-based Davide Leone and Partners Investment Company Limited has crossed a regulatory shareholding threshold, acquiring an indirect 5.01% of the company’s voting rights. The position, equivalent to 26,115,926...
SES deepens direct-to-device play with strategic Elveo Mobile partnership
Aug 17, 2026
SES has deepened its push into direct-to-device satellite services by expanding its strategic investment and collaboration with Elveo Mobile, the new entity formed from the merger of Lynk and Omnispace. Elveo will provide satellite connectivity di...
SES Advances IRIS² MEO Programme With Key EU Milestone and €1.35 Billion Commitment
Aug 7, 2026
SES has achieved a key milestone in the EU-backed IRIS² programme by successfully completing the first implementation review, known as RDV1, for its next-generation medium Earth orbit architecture. The progress confirms readiness to proceed w...
SES Restates FY2025 EU Taxonomy Disclosure to Align With EU Sustainability Rules
Jul 31, 2026
SES has issued a restatement of its FY2025 EU Taxonomy Article 8 disclosure, replacing the version previously included in its 2025 Annual Report and making the updated report available to investors via its website. The move underscores SES’s...
SES H1 2026 Results Underscore Networks Growth and Strategic Spectrum Windfall
Jul 30, 2026
SES reported first-half 2026 revenue of €1.6 billion and adjusted EBITDA of €725 million, boosted by the full consolidation of Intelsat and strong Networks growth, particularly in Mobility and Government Defense, while Media performan...
SES expands multi-orbit inflight connectivity deal with LATAM Airlines
Jul 29, 2026
SES has been selected by LATAM Airlines to deliver multi-orbit inflight connectivity across more than 60 new Airbus and Embraer aircraft, reinforcing SES’s status as a leading provider of multi-orbit broadband services in the Americas and gl...
SES Welcomes FCC Order Unlocking $5.6 Billion for Upper C-Band Transition
Jul 27, 2026
SES has welcomed a new U.S. Federal Communications Commission order that opens 160 megahertz of Upper C-band spectrum in the contiguous United States for flexible-use, next-generation terrestrial wireless services via competitive bidding. The auct...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.